FY24 revenue growth guidance revised to 1%-3.5% in constant currency
Lowered from 4%-7% due to discretionary spending cuts and delayed mega deal ramp-ups.
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Operating margin guidance maintained at 20%-22% for FY24
Margin guidance unchanged despite revenue headwinds, supported by cost optimization.
Two-year margin expansion program launched across five pillars
Program includes pyramid efficiency, automation, portfolio improvement, indirect cost reduction, and value-based pricing.
FY25 revenue growth guidance raised to 3%-4% CC
Infosys revised its full-year constant currency revenue growth guidance from 1%-3% to 3%-4%, reflecting strong Q1 performance and improved visibility.
FY25 operating margin guidance maintained at 20%-22%
Despite headwinds from wage hikes and deal ramp-ups, management expects to sustain margins within the guided range through Project Maximus benefits.
H1 FY25 expected to be better than H2
Management reiterated that first-half revenue growth is likely to outpace second-half, consistent with historical seasonality.
FY26 revenue growth guidance revised to 1%-3% CC
Revised from 0%-3% to 1%-3% in constant currency, reflecting strong Q1 but persistent macro uncertainty.
Operating margin guidance maintained at 20%-22%
Margin guidance unchanged; aspiration to improve margin YoY despite headwinds from compensation and deal ramp-ups.
FY26 free cash flow expected above 100% of net profit
Continued strong cash generation; 5th consecutive quarter of FCF >100% of net profit.
FY24 revenue growth guidance revised to 1%-2.5% CC
Infosys lowered its constant currency revenue growth guidance for FY24 from 1%-3.5% to 1%-2.5%, citing continued softness in discretionary spending and slower large deal ramp-ups.
FY24 operating margin guidance maintained at 20%-22%
The company reaffirmed its operating margin guidance band of 20%-22% for FY24, supported by Project Maximus cost optimization initiatives.
Project Maximus margin improvement over 18 months
The margin improvement program, with 5 pillars and 20 tracks, is expected to deliver benefits over the next 18 months, with early gains from utilization and overhead optimization.
Large deals to drive growth beyond FY24
Management indicated that the record large deal signings will support revenue acceleration in FY25, as ramp-ups are expected to materialize over the coming quarters.
FY25 revenue growth guidance raised to 3.75%-4.5% CC
Infosys revised its full-year constant currency revenue growth guidance upward from 3%-4% to 3.75%-4.5%, citing strong H1 performance and robust pipeline.
Operating margin guidance maintained at 20%-22%
Management maintained its full-year operating margin guidance of 20%-22%, with confidence despite wage hikes in Q4, supported by Project Maximus benefits.
Wage hikes to be phased from January and April
Wage increases will be effective in two phases: part from January 2025 and the balance from April 2025, with no quantified impact disclosed.
Fresher hiring target of 15,000-20,000 for FY25
Infosys reiterated its plan to onboard 15,000-20,000 freshers at the group level in FY2025, with many already onboarded in H1.
FY26 revenue growth guidance raised to 2-3% CC
Revised from previous range; reflects strong H1 performance and includes seasonal H2 softness.
Operating margin guidance maintained at 20-22%
Margin guidance unchanged despite revenue guidance revision; Project Maximus and cost levers support.
Mega deal with NHS worth $1.6B to ramp up this fiscal year
100% net new deal announced post-Q2; expected to contribute to H2 revenue.
Versant JV expected to close this fiscal year
Pending regulatory approvals; last year revenue AUD 210M; not included in guidance.
FY24 revenue growth guidance tightened to 1.5%-2% CC
Revised from previous 1%-2.5% range, reflecting Q3 performance and Q4 outlook.
FY24 operating margin guidance maintained at 20%-22%
Unchanged despite Q3 margin of 20.5%, with confidence from Project Maximus.
Medium-term margin optimism from Project Maximus
Multiple tracks including value-based selling, pyramid optimization, and GenAI expected to drive margin expansion over time.
FY25 revenue growth guidance raised to 4.5%-5% CC
Infosys revised its constant currency revenue growth guidance for FY25 to 4.5%-5%, up from previous 3.75%-4.5%.
Operating margin guidance maintained at 20%-22%
The company kept its operating margin guidance unchanged at 20%-22% for FY25.
Fresher hiring of 15,000+ in FY25 and 20,000+ in FY26
Infosys plans to hire over 15,000 freshers in FY25 and over 20,000 in FY26.
Wage hikes of 6%-8% in India rolled out in two phases
Compensation increases of 6%-8% for India employees will be implemented in two phases: from Jan 1 and Apr 1, 2025.
FY26 revenue growth guidance raised to 3%-3.5% CC
Infosys raised its constant currency revenue growth guidance for FY26 from 2%-3% to 3%-3.5%.
FY26 operating margin guidance maintained at 20%-22%
Operating margin guidance remains unchanged at 20%-22% for FY26.
Growth acceleration in Financial Services and EURS in FY27
Management expects growth in Financial Services and Energy, Utilities, Resources, and Services verticals to accelerate in FY27 over FY26.
FY25 revenue growth 1%-3% CC
Revenue growth guidance for FY25 is 1%-3% in constant currency, reflecting persistent discretionary weakness but benefit from large deal ramp-ups.
FY25 operating margin 20%-22%
Operating margin guidance for FY25 is 20%-22%, with headwinds from compensation and tailwinds from efficiency programs.
H1 stronger than H2 in FY25
Management expects normal seasonality with H1 stronger than H2, consistent with historical patterns.
Medium-term margin expansion target
Management aims to expand operating margins in the medium term through Project Maximus, including automation, GenAI, and pyramid optimization.
FY26 revenue growth guidance of 0%-3% in constant currency
Management expects revenue growth between 0% and 3% in constant currency for FY26, with bottom end assuming deterioration and top end steady improvement.
FY26 operating margin guidance of 20%-22%
Operating margin expected to remain in the 20%-22% band, with an endeavor to improve from FY25's 21.1%.
Plan to hire 20,000+ freshers in FY26
Infosys intends to hire over 20,000 campus recruits during FY26, consistent with prior year levels.
FY27 Revenue Growth 1.5%-3.5% CC
Constant currency revenue growth guidance for FY27, including contributions from recent acquisition Status but excluding others.
FY27 Operating Margin 20%-22%
Operating margin guidance for FY27, with headwinds from wage hikes, productivity pass-throughs, and AI investments offset by Project Maximus.
Fresher Hiring ~20,000 in FY27
Plan to onboard approximately 20,000 college graduates in FY27, similar to FY26, with flexibility based on demand.
Effective Tax Rate 29%-32% for FY27
Expected effective tax rate range for FY27, reflecting normal operations.